The European Parliament voted to prop up its ailing emissions trading scheme, a move likely to drive up European carbon prices closer to Australia’s price. European MPs voted 344 to 311 to temporarily remove up to 900 million permits – known as “back-loading” – for up to seven years. A similar proposal was rejected by the Parliament months ago.
The vote is seen as one of the first steps towards structural reform of the European emissions trading system, which has been plagued by over-supply of permits due to generous allocations to industry and slow economic growth...............................................Full Article: Source